Technical Outlook and Chart Setups:
As it is seen above, intermediary support comes just around the 102.00 mark. Until that level remains intact there is a possibility of a bounce back and a bullish reversal. Furthermore, the rising trendline support is also around the same region. Therefore, it is recommended to buy around 102.50 regions or on a test of 102.00 level. On the other hand, if the trendline breaks, the next support is around the 100.00 region. Intermediary resistance is at 104.00 level, while strong resistance shall be seen around 104.30/50 region. Looking higher from here.
Trading Recommendations:
Hold on to buy positions taken yesterday, further add on dips, stop below 102.00, and target 104.75.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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